As a one-size-fits-all solution does not exist for the increasing problem of synthetic identity fraud, The Federal Reserve reports that experts suggest a “comprehensive approach” for the challenge. A strategy that is “multi-layered” that makes use of manual and digital information analysis provides the best...
The battle against fraudsters in the digital era has evolved into a never-ending arms race. The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. Unfortunately, the more the good...
The use of fake or synthetic identities is actually scarier than it may sound, in fact, the fraud perpetrated by the cybercriminals behind these identities is costing the U.S. nearly $50 billion per year. Pat Phelan, SVP of identity at TransUnion, recently joined PYMNTS to...
December 10, 2019
The battle against fraudsters in the digital era has evolved into a never-ending arms race. The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. Unfortunately, the more the good guys refine the defensive tools necessary to lock out fraudsters, […]
February 06, 2017
The use of fake or synthetic identities is actually scarier than it may sound, in fact, the fraud perpetrated by the cybercriminals behind these identities is costing the U.S. nearly...
June 28, 2023
Can one stolen ID, augmented with artificial intelligence, yield $2 million in pilfered government benefits? It’s a scenario Haywood Talcove, chief executive of LexisNexis Risk Solutions’ government division, laid out for the Financial Times (FT) Wednesday (June 28) in a report on how artificial intelligence (AI) can exacerbate the problem of identity theft. “I am […]
July 02, 2020
As a one-size-fits-all solution does not exist for the increasing problem of synthetic identity fraud, The Federal Reserve reports that experts suggest a “comprehensive approach” for the challenge. A strategy...
